Quip_company_logo

Quip, the four year old cloud-based word processing company, backed by investors of the scale of Benchmark and Greylock Partners, was snagged by Salesforce today in a multi-million dollar deal.

The Company

Quip, even though young, is an industry leader in its cloud based docs, spreadsheets and communication integrated platform. Quip aims to  “change the way teams work, and helping organizations work less dumb”.  Its client base is certainly a testament to this mission: Quip’s clientele includes innovative companies such as Facebook, Instacart, Pinterest, Al Jazeera, and CNN.

The Deal

One of the biggest questions current users may have in this process of an acquisition is: How will these changes affect my day-to-day use of the product? In the company blog, Quip states that it’s business as usual:

If you’re a Quip customer, please know that we’ll continue to provide you with the exceptional service and extraordinary products you’ve come to expect from us, and once the transaction closes, we’ll do so as part of the world’s #1 CRM company.

-Quip, 2016

Quip will benefit from this acquisition as the transaction facilitates rapid expansion of the company by adding it to the roster of products available from CRM giant Salesforce.

Salesforce, it is now known, had considered purchasing LinkedIn earlier this year before it eventually sold to Microsoft for $26 billion.   The acquisition of Quip by Salesforce helps the company compete with Microsoft at a time when the latter is beefing up its roster of CRM-focused products.

This is an exciting example of the scaling journey of a young private company, exiting via acquisition by a well-established incumbent.